Banking sector grows by 61.5% on First Bank composite growth index during Q1- 2024

The Egyptian banking sector achieved a composite growth rate of 61.54% on the First Bank composite growth index during the first quarter of the current year.

The banking sector was able to achieve positive results in all four sub-indicators (net profits, deposit portfolio, loan portfolio, and asset portfolio), which formulated the First Bank composite growth index, led by its net profits, which accounted for the largest percentage of the growth.

Net profits of banks operating in Egyptian banking (excluding CBE) rose by 182.61%, with an increase of about EGP 100.944bn, to record EGP 156.223bn during Q1 of 2024, compared to 55.279bn during Q1 of 2023.

Assets portfolio in banks (excluding CBE) were the second major contributor to the sector's growth, rising by 26.02% to reach EGP17.896 tn by the end of March 2024, compared to EGP 14.200 tn at the end of December 2023, with an increase of EGP 3.695tn.

However, the total loan portfolio, which is considered the third contributor to this growth, increased by 24.82% to reach EGP6.817tn by the end of March 2024, compared to EGP 5.462tn at the end of December 2023.

The deposit portfolio increased by 12.70% during the period from January to March of the current year, reaching EGP11.425tn by the end of March 2024, compared to EGP 10.137tn at the end of December 2023.